Hyundai Motor did not exercise option to buy back Russian auto factory

Government

SEOUL, Feb 2 : South Korean automaker Hyundai Motor did not exercise a buyback option for its former manufacturing plant in Russia, the company said on Monday, amid the continuing war in Ukraine. Along with its affiliate Kia, Hyundai was once the biggest foreign carmaker in Russia. However, Chinese brands have gained significant market share over the past four years, as South Korean and other carmakers suspended local production after Moscow's invasion of Ukraine provoked Western sanctions and

astăzi